Latest news and insights on banking and finance in Australia and New Zealand, as delivered in the daily 7am Banking Day email news service (subscribe or take out a free trial).
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Cuscal profit eases in second half
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23 September 2004 12:00amFinancial statements for Credit Union Services Corp for the year to June 2004 published yesterday show that: » read more »
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Banks chase credit union treasury management
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23 September 2004 12:00amCuscal's reorganisation has a lot further to run, with the credit union services organisation negotiating to hire the balance sheet of some other financial institutions, and thus further lighten the capital requirements of Cuscal. » read more »
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Corvis sold cheaply
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23 September 2004 12:00amCuscal's annual report clears up one detail from late last year relating to the sale by Cuscal of its Corvis banking platform to Ultradata, vendor of a rival banking platform, Ultracs. » read more »
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Coles Myer on cards target
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23 September 2004 12:00amColes Myer managing director John Fletcher said yesterday that the retail group, or more precisely its partner GE Money, was "about half way" to meeting its target of issuing more than one million Coles Myer Source MasterCards, and that the aim was to achieve that objective "some time after Christmas". » read more »
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Banks face minimum tax rate in NZ
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22 September 2004 12:00amBanks in New Zealand will have to pay a minimum rate of company from next year and shift more capital into their New Zealand operations, under changes to tax laws aimed solely at foreign-owned banks, meaning in practice at the four major Australian-headquartered banks. » read more »
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Harmonisation report still secret
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22 September 2004 12:00amIt probably won't now emerge until some time well after Australia's general election, but the finance ministries either side of the Tasman were working on a project to scope out greater harmonisation and cooperation in the field of bank regulation. » read more »
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NAB's credit card antics
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22 September 2004 12:00amNational Australia Bank's decided to begin to exploit its issuing relationship with American Express as a customer acquisition tool rather than as an essentially defensive relationship for its credit card business. » read more »
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CBA writes down EDS investment
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22 September 2004 12:00amCommonwealth Bank of Australia has written down the value of investment in EDS Australia to $193 million at June 2004, down from $225 million at June 2003. The bank did not disclose any details on the financial performance of EDS Australia in that period, but did say in a footnote that "the equity accounted loss of $32 million principally relates to a change in revenue recognition policy by EDSA." » read more »
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And CBA writes down China investment
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22 September 2004 12:00amCommonwealth Bank might have just invested $25 million in Jinan City Commercial Bank in China, but the bank's also now written off a chunk of its life insurance investment in China. » read more »
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BNZ caves in on Access trust accounts
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16 September 2004 12:00amNational Australia Bank's rhetoric about the priority given to reputation management turns out to have some substance, with the decision by the bank's subsidiary in New Zealand yesterday to release all funds frozen at the beginning of last week in trust accounts with the bank in the name of customers of the failed online stockbroker Access. » read more »
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News Corp throws Dialect a lifeline
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16 September 2004 12:00amPayments processor Dialect Solutions has secured a lifeline in the form of a $7 million, limited recourse and interest free loan from News Corp. » read more »
